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Avis Employees Buy Company

September 28, 1987|Associated Press

GARDEN CITY, N.Y. — Employees at Avis Inc. have acquired the company for $1.75 billion from Wesray Capital Corp., Avis said in a statement today.

Avis, the country's second-largest car rental company, said the transaction was accomplished through an employee stock ownership plan that will include all of the company's 11,000 workers. The purchase marked the company's 11th change of ownership since it was founded in 1946 by Warren Avis.

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